Ecobank Côte d’Ivoire to Raise $52M to Support Lending, Growth
TLDR
- Ecobank Côte d’Ivoire has secured shareholder approval to raise up to 30 billion CFA francs (around $52 million)
- The move, approved during the bank’s recent ordinary general meeting, follows a proposal by the board of directors
- The funds will be issued in the form of loans over a two-year period and may be executed in one or more tranches
Ecobank Côte d’Ivoire (BRVM: ECOC) has secured shareholder approval to raise up to 30 billion CFA francs (around $52 million) to support its lending activities and bolster its investment capacity.
The move, approved during the bank’s recent ordinary general meeting, follows a proposal by the board of directors and reflects growing demand for credit across the Ivorian market.
The funds will be issued in the form of loans over a two-year period and may be executed in one or more tranches. The board has been tasked with defining the precise issuance terms, including the timeline and financial conditions.
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Key Takeaways
The capital raise aims to meet the bank’s growing operational financing needs and reinforce its market leadership by supporting client investments and development projects. It comes from strong 2024 financial performance, with Ecobank Côte d’Ivoire posting a record net profit of 57.5 billion CFA francs (approximately $99 million), up 20% year-on-year. Net banking income also rose by 11%, underlining the bank’s strong fundamentals. This fundraising is expected to further strengthen the bank’s role in financing Côte d’Ivoire’s economic development and deepen its engagement with corporate and retail customers.
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